GOOD IDEA –
Understanding how important it is not to dick around with your credit score. There was an article in the paper today about another “get out of debt” loan company that was selling people a lot of half promises and ended up charging people thousands of dollars in interest and didn’t do much to improve any of their clients’ credit scores.
You see articles like this a lot, cause no matter how many times people are warned, they insist on getting as much credit as possible. If your credit is bad, don’t try and get more. Pay off what you already owe! You’re not the province of Ontario, you can’t just keep borrowing forever with no hope ever paying it back.
And these shady loan companies, this kind of thing isn’t illegal. Yes, they’re shady and operate in a very grey and I mean DARK grey area of the law, but the people running them are usually pretty savvy with legalities and they KNOW that they’re selling hope to people are desperate for it. So the risk is always worth it for them.
I feel like I should emphasize here there are a lot of good places out there that do go out of their way to help people restore their credit, but you really need to be careful and choose wisely. But the problem with that is most people who wind up in that situation thing being careful and choosing wisely means financing your furniture, TV, new floors, tablet, fitness equipment and keeping at least two credit cards burning hot at all times. Save now, buy later. There’s no interest that way.